The viral spread of coronavirus (COVID-19) has positively affected the global respiratory disease testing market. The sustainability of the market is mainly attributed to the technological breakthroughs in the diagnosis and treatment of respiratory disorders. Moreover, the growing prevalence of respiratory diseases such as asthma, COPD (chronic obstructive pulmonary disease) will also propel the global market growth, during the forecast period. Though the businesses across countries are massively disrupted owing to the COVID-19 pandemic, the demand for respiratory disease testing has shown significant growth, during the outbreak time period. To cope with this demand, government organizations are granting approval for the newly innovated products. For example, in May 2020, the U.S Food and Drug Administration (USFDA) has approved emergency use authorization (EUA) to Hologic, a medical leading technology company, for its diagnostic test of COVID-19. This test can perform around 1,000 tests in 24 hours and it has the ability to provide initial results in 3 hours. These factors may significantly bolster the demand for respiratory disease testing in the global market, during the projected period. Also, several leading players such as Abbott and Thermo Fisher Scientific Inc. are adopting multiple strategies to gain clients’ trust, loyalty, and optimism and this shall be highly beneficial for the long-term health of the industry players of the global market.
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- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side Demand Side Impact
According to the published report of Research Dive, the global market for respiratory disease testing is set to register a revenue of $20.1 billion by 2027, at a healthy CAGR of 9.2% during the forecast timeframe. The segmentation of the global respiratory disease testing market has been done on the basis of product, end-use, and geographical region.
The report provides valuable information on driving and restraining factors, vital segments, lucrative opportunities, and key players of the global market.
The Factors Affecting Market Growth
As per our analyst estimates, the technological innovation in respiratory disease testing propelling the global respiratory disease testing market growth. On the other hand, the rising healthcare costs are projected to obstruct the global respiratory disease testing market growth, throughout the projected period.
Imaging Test Products Shall Have Significant Market Growth
Based on the product, the global respiratory disease testing market is mainly categorized into imaging tests, respiratory measurements, blood gas tests, and others. The imaging test market is valued at $12.4 billion in 2027 and is projected to grow at 9.6% CAGR owing to extensively rising adoption of x-ray imaging and other imaging devices for excellent visualization of the disease condition.
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Clinical Laboratories to be the Most Lucrative
Based on end-use, the global market for respiratory disease testing is mainly divided into hospitals, physicians clinics, clinical laboratories. The Clinical laboratories will have lucrative growth and are expected to generate a revenue of $4.6 billion at noteworthy CAGR of 9.8%, during the forecast period. on the other hand, hospital will have the dominating market share and is anticipated to reach up to $11.1 billion in 2027, at a lucrative growth of 9.3%.
Based on the region, the global respiratory disease testing market is classified into North America, Asia Pacific, Europe, and LAMEA. The Asia-Pacific respiratory disease testing market accounted for $5.3 billion in 2027 and is projected to increase at 10.0% noteworthy CAGR during the review period. The significantly rising patient of respiratory disorders in the region is projected to accelerate the growth of the global market. In addition, the rising investment in innovations and RD mainly in South Korea, China, India, and Australia are the driving elements expected to offer a lucrative opportunity for the Asia Pacific respiratory disease testing market.
Top 10 Prominent Key Players in the Global Respiratory Disease Testing Market are:
- Koninklijke Philips N.V.
- bioMérieux SA
- COSMED srl
- CARESTREAM MEDICAL.
- Thermo Fisher Scientific Inc.
- Seegene Inc.
- SDI Diagnostics
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and a strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, and decades of trade data, and technical white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting their major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major Market aficionado that further offers its research an edge.
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